Towerstream announces new CEO

TOWERSTREAM CORP, a provider of wireless communication services, announced its new CEO on Tuesday.
TOWERSTREAM CORP, a provider of wireless communication services, announced its new CEO on Tuesday.

MIDDLETOWN – Towerstream Corp. on Tuesday named Ernest Ortega its new CEO.

Ortega, 51, had served as an adviser and consultant to the wireless services provider for the past year. He succeeds Philip Urso, who served as interim CEO before resigning. Urso will maintain his position as chairman of the company board of directors.

Ortega will receive a base salary of $350,000 per year and will be eligible for bonuses totaling up to $300,000 per year. He also will receive the option to purchase 940,193 shares of common stock, along with other perks.

The Middletown-based company delisted from Nasdaq in November after failing to maintain a minimum $1 per share closing bid. The company now trades on the over-the-counter market.

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